New Conforming Loan Limits
/Dan Hubrich of Mountain View Mortgage is back and this month he’s letting us know the new conforming loan limits.
I spoke briefly a couple months ago about conforming loan limits changing and I have an update for you this month. Fannie Mae/Freddie Mac and FHA have all come out with their official 2022 loan limits now and they are even better than we originally anticipated. For conventional loans across the country, the new conforming loan limit will be $647,200. Certain counties are higher than that and if the property is a multi-family home, those amounts are higher still. For FHA loans the spread is a little wider. The new base county limit is $331,760 and some counties in Utah are as high as $765,600. As a consumer the main thing you need to be aware of is that it’s in your best interest to keep the loan amount of your new mortgage under those limits. If you can, then you will avoid needing a “jumbo loan” which have higher rates and are higher to qualify for. Let me know if you have any questions about any of this and I’m happy to get you some more details.